Thor Explorations reported strong financial and operational performance in 2025, driven by high gold prices and effective cost management. The company achieved debt-free status, generating US$325.5 million in revenue, US$196.2 million in net profit, and US$137.8 million in cash reserves. Shareholders received a total of US$32 million in dividends, including both regular and special payouts.
At the Segilola Gold Mine, Thor produced 91,910 ounces of gold, processed nearly a million tonnes of ore at an average grade of 3.19 g/t with a recovery rate of 93.9%, and completed significant exploration to extend mine life. In Senegal, the Douta Gold Project advanced to feasibility stage with robust economics (NPV US$908 million, IRR 73%) and full ownership secured. Côte d’Ivoire saw expansion of exploration licences and discovery of new mineralised zones.
Sustainability remained a priority, with a 6% reduction in greenhouse gas emissions, improved waste management, increased use of reclaimed water, and substantial community impact—99% Nigerian workforce and 86% local procurement at Segilola.
Looking forward, Thor aims for 75,000–85,000 ounces of gold production in 2026, continued exploration, extension of Segilola’s life, advancement of Douta, and further portfolio growth. The board announced Collin Ellison’s retirement as non-executive director after seven years of service, with thanks for his contributions.
